• Three consecutive years of solid growth for funds of funds

• Fund of funds delivered double-digit returns in 2015

• Vehicles that are large, core in style or have a global mandate outperformed the rest

Three consecutive years of positive growth saw funds of funds achieve a solid double digit return of 18.7% in 2015.

In total, ANREV and INREV Funds of Funds Universes (‘Universe’) contains 65 funds of funds that are managed by 30 managers. Collectively these vehicles represent a total Net Asset Value (NAV) of $10.5 billion.  Eleven fund of funds indicated their preference to remain anonymous and therefore the online vehicles universe only shows 54 funds of funds.  Performance data was provided for 25 funds of funds managed by 11 fund of funds managers. 

The performance data presented in this report is not intended to serve as a benchmark and should be used for research and information purposes only.

For further information please contact [email protected]

This is the fourth study on the fees and terms of non-listed real estate funds investing in the Asia Pacific region. This annual project aims to increase the transparency of the fee structures and fee levels in funds, and to create a framework for the regular reporting of fees in funds. The project also aims to increase the understanding of the challenges and limitations the non-listed real estate fund industry faces in analysing and comparing fee structures and levels.

Please contact Henry Lam ([email protected]) if you have any enquiries regarding to the fees and terms survey.

Steady performance of all funds in Asia Pacific in Q1

• The all funds index returned 3.3%, the strongest Q1 performance since the inception of the ANREV index, representing a 12.9% on an annualised rolling return basis.
   
• The GAV and gearing of the index increased during Q1 2016, first time since Q2 2015.

Data contributions were received from 93 funds with a total gross asset value of US$93.3 billion. Further detail of the sub-indices which cover fund style and various geographies can be found in the full report.

We would like to thank all the companies that supported the data collection exercise and look forward to your continued support in the next round of data collection in May.

To participate in the ANREV Index, please contact Amélie Delaunay at [email protected] or Henry Lam at [email protected] to take part in this industry-led initiative or if you have any questions about the ANREV Index.

It is an index showing the performance of non-listed real estate funds on a global scale and is created by ANREV, INREV and NCREIF. This publication includes the performance figures up to Q1 2016.

The GREFI was updated for the first time on a quarterly basis following the first quarterly release of the ANREV Index for Q1 2014. From Q1 2014 onwards, the GREFI has been updated 12 weeks after the quarter end. This index release follows the same structure of previous releases. The technical specification has also updated and all numbers are also available in an Excel file.

The GREFI Q1 2016 update release includes the performance of 472 funds compared to 430 funds as of Q4 2015. This difference is due to the higher number of funds delivering data in Asia Pacific and Europe.

Please send your feedback on this release to [email protected].

Recognising the need to improve building energy efficiency to;

• guard against building comparative obsolescence,
• enhance building tenant attraction, and
• protect asset values.

Challenger Life Company completed an energy retrofit project of Makerston House.

The property is a substantial commercial building comprising 13 storeys of commercial office of approximately 13,878m NLA plus additional storage of 300m; ground floor retail, approximately 750m and a 4.5 level car park having approximately 164 bays. Both vehicle and personnel access is from the Makerston street level.

The building was initially constructed in 1974 with refurbishments of plant and building completed in 1997 and 2000.

Recently, the Government of India and the Government of Mauritius signed a protocol for amending the Double Taxation Avoidance Agreement between the two nations (Mauritius tax treaty). A Press Release summarising the amendments to the Mauritius tax treaty was issued by the Central Board of Direct Taxes on 10 May 2016. 

The Mauritius tax treaty has been amended to provide source-based taxation for capital gains on shares.  This will impact many real estate investors in India who have historically relied on the treaty to protect them from Indian capital gains tax on exit.

As a consequence of this amendment, the Double Taxation Avoidance Agreement executed between India and Singapore will also be impacted as the exclusive taxing rights granted to the resident state under the said convention are co-terminus with the Mauritius tax treaty.

At this webinar, Mr Sunil Badala of KPMG will give an update on the tax treaty and answer any questions you might have.